Hi, I am in my first year of bankruptcy and due to be discharged on Dec 9th. I haven't missed any IPA payments but am in the process of completing a new I&E because my circumstances have changed. My question is, if I miss a payment on my mortgage will I be in trouble with the OR? I purchased the beneficial interest in the property which is in negative equity a few months ago. Any advice greatly appreciated.
The mortgage is an agreement between you and the bank. You should be aware, though, that if you let the mortgage slip and miss enough payments that it results in the mortgage company repossesses the property, you may need to declare BR once again if you cannot pay the shortfall. Once you have been discharged you cannot include the shortfall in this BR.
Before declaring BR people should really think very, very carefully whether you can continue to make the mortgage repayments or want to include the shortfall in your BR.
if I miss a payment on my mortgage ?
Posted - 24 August 2010 : 10:03:00
